As investment in energy storage continues to grow around the world, Australia's chief scientist Dr Alan Finkel says a lesser-known technology has the potential to play a significant role in the energy storage market, with Australian companies well-positioned to lead the charge.

While lithium-ion technology has gained a high-profile in the investor community for use in mobile energy storage applications such as electric cars and smartphones, Dr Finkel said flow batteries, which use an alternative process and materials, were gaining traction and presented an opportunity for Australian providers.